If foreign taxes on foreign income exceed U.S. taxes on foreign income, the excess foreign taxes are credited against U.S. taxes in the current year.

Name: If foreign taxes on foreign income exceed U.S. taxes on foreign income, the excess foreign taxes are credited against U.S. taxes in the current year.
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Question

Quizplus · Accepted Answer

Excess foreign taxes can be carried back one year or carried forward up to ten years to offset U.S. taxes on foreign income in those years, not credited in the current year.

If Foreign Taxes on Foreign Income Exceed U